Innovations: The “power of creative destruction”

Do you remember the last time you screwed in an old incandescent bulb at home, which generated more heat than light? It’s been a long time. The creative power of disruption has not only led to better, more energy-efficient lighting, but was accompanied by a massive drop in prices. For example, the costs of photovoltaic systems have fallen by 98% over the last approximately 30 years and are the main reason why the cost parity of solar with coal power was achieved in 2013 and with gas as an energy source in 2015 (Hellstern et al. 2021). Much of the technology to stop climate change is already in place, but we will need further innovations.